The global market for drilling fluids is expected
to reach USD 14.92 billion by 2020, according to a new study by Grand View
Research, Inc. Increasing drilling activities mainly in South America and Asia
Pacific is expected to drive the market for drilling fluids. Grand View
Research also observes that depleting natural has been prompting industry
players to shift their focus towards exploring and developing unconventional
gas reserves which promotes the use of horizontal drilling and is expected to
translate into enhanced fluid demand.
Water based fluids (WBF) were the most consumed
drilling fluids around the world and accounted for 56% of the total market
revenue in 2013. WBFs are also expected to be the fastest growing drilling fluid
products, at an estimated CAGR of 8.8% from 2014 to 2020. WBFs were followed by
oil-based fluids (OBF) which accounted for just over 30% of the total market
for the same year. However, the growing environmental concerns regarding the
use of OBFs in drilling activities is expected to hamper its market growth over
the forecast period.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/drilling-fluids-market-analysis
Further key findings from the study
suggest:
- The global market for drilling fluids was estimated to be USD 8.16 billion in 2013, and is expected to grow at a CAGR of 8.2% from 2014 to 2020.
- North America continued its dominance in the global market and accounted for 55.5% of total market revenue in 2013. However, increasing drilling activities in Latin America and Asia Pacific is expected to boost the demand for drilling fluids in these two regions over the next six years. The demand for drilling fluids in Central and South America is expected to grow at an estimated CAGR of 10.3% from 2014 to 2020.
- Drilling fluids are majorly used for onshore oil & gas drilling owing to large number of onshore oil and gas reserves around the world. Onshore oil & gas accounted for 71.6% of total market revenue in 2013. Increasing deep sea drilling activities in Gulf of Mexico, Brazil offshore and West Africa is expected to boost the demand for drilling fluids in offshore applications.
- The global market for drilling fluids is highly concentrated as top four companies including Schlumberger, Halliburton, Baker Hughes and Newpark accounted for over 70% of the total market in 2013. Weatherford International, Tetra Tech, Canadian Energy Services, China Oilfield and Anchor Drilling were amongst other significant market participants.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
For the purpose of this study, Grand View Research
has segmented the global drilling fluids market on the basis of product,
application and region:
Global Drilling
Fluids Product Outlook (Revenue, USD Million, 2012 - 2020)
•
Oil-Based Fluids (OBF)
•
Water-Based Fluids (WBF)
•
Synthetics-Based Fluids (SBF)
Global Drilling
Fluids Application Outlook (Revenue, USD Million, 2012 - 2020)
•
Onshore
•
Offshore
Drilling Fluids
Regional Outlook (Revenue, USD Million, 2012 - 2020)
•
North America
•
Europe
•
Asia Pacific
•
Middle East & Africa
•
Central & South America
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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